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The Most Important Negotiation in Your Life

The Most Important Negotiation in Your Life

by Erica Ariel Fox  |  11:00 AM September 3, 2013

Life is a series of negotiations.

You negotiate all day, every day, from the time you wake up to the time you go to sleep. Contract terms and conditions. Hiring, managing performance, and firing. Defining deadlines, scope, and deliverables. Collecting fees. Seeking alignment about business strategy. Enlisting stakeholders. Creating partnerships and joint ventures. Dissolving them. You make offers, counteroffers, and agreements to settle. You say yes. You say no. You stall for time. Finally, lunch. When you go home, the negotiations continue. Over buying a new car, switching carpool days, or how much screen time the kids are allowed. The stakes of negotiating at home can feel sky-high: which medical advice to follow; how much to spend or save; how long your aging parents can live at home; whether to stay together. From the major to the mundane, negotiating is the way we get things done. One of my clients told me, “my toughest negotiations are with my dog.” If you’re like most people, when you think about negotiation, you picture people talking to “the other side.” Whether they’re pitching to a customer in an office, brokering a peace deal at Camp David, or arguing over curfew at the kitchen table, negotiators are people trying to persuade other people of their point of view.

That’s only half the story.

After nearly 20 years of teaching negotiation at Harvard Law School, and the same years spent advising and training thousands of executives, public sector leaders, consultants and lawyers from all over the world, I see things differently. Actually, the most important negotiations we have — the ones that determine the quality of our lives and the impact of our actions — are the ones we have with ourselves. Learning to communicate well and to influence other people are essential skills in business. But even more fundamental to your success is learning to negotiate effectively with yourself.

Negotiating with yourself?

Yes. Better results, stronger relationships, and more of life’s deeper rewards, all come from learning to negotiate with yourself. Read more of this post

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Ronald H. Coase challenged conventional economic wisdom

Ronald H. Coase challenged conventional economic wisdom

Pierre Lemieux, Special to Financial Post | 13/09/03 | Last Updated:13/09/03 4:16 PM ET

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AP Photo/Courtesy of the University of Chicago Law SchoolThis undated photo provided by the University of Chicago Law School shows professor Ronald Coase. Coase, a Nobel Prize winner and pioneer in

Coase taught us why companies make sense, and why the polluter-pay principle doesn’t

It has been said of Ronald Coase, who died on Monday aged 102, that he wrote two articles in his career, and that each of them changed economics. In truth, Coase wrote several dozen articles and a few books, but a couple of his articles especially stand out as unique contributions.

The first seminal article was “The Nature of the Firm,” published in 1937. Why, asked Coase, does the firm exist? Why is not all production organized by arms-length contractors under the coordination of the market? Why does the authoritarian firm exist within the anarchistic context of the free market? Coase’s answer was that “there is a cost of using the price mechanism.” This cost relates to what were later labelled “transaction costs” — the costs of “discovering what the relevant prices are,” and of “negotiating and concluding a separate contract for each exchange transaction.” A firm is created when these transaction costs are higher than the costs of organizing and managing the firm. Read more of this post

Trevor Baylis, the inventor of the wind-up radio is calling on young people to consider the so-called “oily rag” trade

British inventor: Trevor Baylis calls for schools to teach importance of invention

The inventor of the wind-up radio is calling on young people to consider the so-called “oily rag” trade. “Britain needs more engineers,” says Trevor Baylis.

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Trevor Baylis in his garden, which overlooks the Thames Photo: PAUL GROVER

By Rebecca Burn-Callander

6:00AM BST 03 Sep 2013

“You don’t have to be a genius to be an inventor,” according to the serial entrepreneur and founder of Trevor Baylis Brands, which has helped over 9,000 inventors bring products to market. “I don’t wake up every morning thinking, ‘I’m going to invent something today’.” Mr Baylis OBE, 76, developed the world’s first wind-up radio in the early nineties. More recently, he has invented a mobile phone that is charged by a special pair of shoes as you walk. “Unfortunately, people are a bit nervous of the shoes because they look a bit like a bomb,” he admits. Read more of this post

Anxious and approaching 40: the high-flyers of the GFC left behind

Anxious and approaching 40: the high-flyers of the GFC left behind

PUBLISHED: 17 HOURS 13 MINUTES AGO | UPDATE: 4 HOURS 38 MINUTES AGO

Many middle-aged men feel their career is not moving and this depresses them. 

JILL MARGO

In the long, slow aftermath of the GFC, many careers have stalled. But it now appears that one group of bright young men have been hit particularly hard. These are the promising youngsters who were powering through the ranks of the financial services industry before the crisis hit. With the wind behind them and bonuses in front of them, their expectations were high. Now, they are still employed but almost five years have passed with hardly any upward movement. Read more of this post

Kyobo Life Insurance will hold an event to commemorate the 10th anniversary of the insurance firm’s founder Shin Yong-ho’s death; known by his penname Daesan, Shin was a pioneer in the local insurance industry by creating the world’s first ‘education insurance policy”

2013-09-03 17:50

Kyobo to commemorate founder

By Kim Tae-jong

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The late Kyobo Life Insurance founder Shin Yong-ho, left, receives the Founders’ Award from the International Insurance Society in this file photo taken on June 27 in 1983

Kyobo Life Insurance will hold an event tonight to commemorate the 10th anniversary of the insurance firm’s founder Shin Yong-ho’s death at the Sejong Center for the Performing Arts in downtown Seoul, the company said Tuesday.
Also known by his penname Daesan, he was a legendary figure in the local insurance industry and devoted himself to the promotion of education here after the Korean War.
The event, which takes place between 6 p.m. and 8:30 p.m., consists of a photo exhibition, a commemoration ceremony and several performances. Distinguished guests will be in attendance, including International Insurance Society (IIS) CEO Michael Morrissey, Korean Poets Association Chairwoman Shin Dal-ja and ex-president of Sejong University, Yang Seung-kyu as well as other officials from the insurance industry. Read more of this post

Wang Wei, the soft-spoken billionaire head of SF Express, is finally opening his company to outside investments, a full 20 years after first founding his delivery service business

09.03.2013 19:04

Courier Service Firm Finally Takes Delivery of Outside Investment

For years SF Express resisted taking other people’s money, but a desire to remain an industry leader has seen it accept boxes of cash lately

By staff reporters Zhu Yishi and Zheng Fei

(Beijing) — Wang Wei, the soft-spoken head of SF Express, is finally opening his company to outside investments, a full 20 years after first founding his delivery service business. On August 19, executives at SF Express (Group) Co. Ltd. confirmed the company had entered a strategic investment agreement with state-backed investors Oriza Holdings of Suzhou, Jiangsu Province; China Merchants Group; and CITIC Capital. The three investors will own a little less than 25 percent of SF Express after the deal. Read more of this post

Doctors worry as heart drug research loses steam

Doctors worry as heart drug research loses steam

4:42am EDT

By Ben Hirschler

AMSTERDAM (Reuters) – The hunt for new heart drugs is losing momentum as resources are switched to other areas, notably cancer research, where investors get a better bang for their buck. Cardiologists fear the fight against heart disease could stall as a result, following major advances in recent decades marked by the advent of drugs to fight cholesterol, lower blood pressure and prevent dangerous blood clots. Read more of this post

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